Asda, Morrisons, Tesco and Sainsbury's have said they will cut the price of petrol and diesel by up to 3p per litre in what is the third reduction in supermarket prices in as many weeks.

However, experts blasted the move, saying lower wholesale prices show there's margin for fuel to be slashed by 5p a litre.

The RAC said analysis of supermarket pump prices also showed that the previous promise to reduce petrol prices by 'up to 2p per litre' just over a week ago were not fulfilled as figures show it has only been clipped by 1p.

More supermarket fuel price cuts promised: Asda, Sainsbury's and Morrisons have all committed to cutting petrol and diesel by 3p a litre across all forecourts in the UK

Asda was the first to confirm it was reducing fuel prices for both petrol and diesel fro, Thursday morning.

It said it would reduce pump fees by up to 3p a litre, with a national cap at all of its 319 forecourts to providing unleaded for no more than 119.7p a litre diesel for a maximum of 131.7p.

Morrisons and Tesco will reduce its prices on Friday while Sainsbury's won't be offering the lower prices until Saturday.

It's the third fuel price cut in as many weeks for Asda, with the previous being confirmed on 6 November and matched by Morrisons, Sainsbury's and Tesco.

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The three combined cuts should have amounted to a total reduction of up to 8p a litre when drivers filled up with petrol .

However, RAC data shows that less than a penny has come off the average price of a litre of petrol at the big four since November 6, despite the promise of up to 2p a litre being cut.

Drivers have a right to feel taken advantage of right now

Simon Williams, RAC fuel spokesman

The impact on average UK petrol prices as a whole in the last nine days has therefore been negligible, down from around 130p per litre to 128.8p per litre as fuel companies and smaller retailers follow supermarkets' lead, fuel price reports showed.

The motoring organisation said retailers had plenty more room to reduce costs for drivers, with wholesale petrol prices down by nearly 9p a litre since the start of October, largely as a result of a sharp drop in the cost of oil – down a dramatic $20 a barrel in this time and currently standing at $65.

But the full extent of savings have yet to be passed on to the nation's drivers.

Ashley Myers, Morrisons head of fuel, said: 'With oil prices continuing to fall, we can now make the second big cut in fuel prices in November.' Prices at Morrisons won't drop until Friday

As of Saturday 17 November, Sainsbury’s is cutting the price of unleaded petrol and diesel by up to 3 pence per litre across its 312 forecourts

It said today's announced reductions should instead have offered to trim prices by 5p a litre and the failure to make more significant cuts means retailers are banking over £2.75 every time drivers fill-up their tanks with petrol.

RAC fuel spokesperson Simon Williams said: 'Put simply, the big retailers have not gone nearly far enough in cutting prices at the pumps, despite the fact the cost of buying the fuel on the wholesale market has dropped like a stone.

'The net result is Christmas coming early for retailers, as they are making considerably higher profits from every litre of fuel they sell now than they normally do.

'But drivers, many of whom we know rely on their vehicles, continue to suffer from over-inflated prices at the pumps.'

Over half a billion pounds per month is being fleeced from the UK economy and consumer spending by these unscrupulous and shameless businesses

Howard Cox, Fair Fuel UK Campaign

He added: 'Drivers have a right to feel taken advantage of right now.

'Wholesale petrol prices are tumbling, yet retailers are steadfastly refusing to drop prices and charge a fair price on forecourts across the UK.

'And without significant price movement from the supermarkets, there is little to encourage smaller retailers to shift their own prices to the benefit of consumers.

'Our data shows that something is clearly awry with petrol pricing at the moment and drivers should be seeing 5p per litre reductions across the country.

'Diesel prices should also now be starting to fall, again triggered by the drop in the cost of oil.'

For owners of diesel vehicles, a fuel price cut is long overdue.

Diesel prices have been rising for 19 consecutive weeks with previous fuel price cuts made by supermarkets exclusively for petrol drivers.

As a result, diesel has peaked at an average of £1.37 a litre - the last time diesel was that expensive was more than four years ago, in March 2014.

The 3p a litre reduction in diesel prices at supermarkets could bring to an end 19 consecutive weeks of increasing costs for diesel drivers

Ahead of the latest round of price cuts, campaigners Fair Fuel UK accused the nation's fuel supply chain of taking as much as 16.13p profit per litre from petrol drivers in the last two months.

'The profit margin on unleaded has risen by 156 per cent since August as the road fuel supply chain absorbs cost savings that should be honestly and fairly passed onto the country's 37 million drivers in a time of consumer hardship and Brexit uncertainty,' it said.

Howard Cox, founder of Fair Fuel UK accused the government of ignoring an 'unceasing retail piracy of motorists' by 'greedy oil companies and wholesalers'.

'It must be halted with the immediate creation of an independent price supervisory body,' he added.

'Over half a billion pounds per month is being fleeced from the UK economy and consumer spending by these unscrupulous and shameless businesses.'

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